ParallelChain™: Your One-Stop Solution For Every Blockchain Needs
by Meghna Das Chowdhury, Writer at Cryptoknowmics
This article was originally published on Cryptoknowmics.
Blockchain! A technology that is flourishing and bringing revolutionary innovations to almost every industry. Today, blockchain technology is widely recognized all across the globe. People have started acknowledging its potential. And even though there is still some time for blockchain to become mainstream, one cannot deny the groundbreaking trust the technology has been able to build among major players of every sector.
There are several blockchain platforms in the market today. Ethereum, EOS, Tron, and Polkadot are some of the most popular blockchain networks today. And to add to the list, ParallelChain™ is another emerging and influential blockchain poised to disrupt industries. The company behind ParallelChain™ is Digital Transaction, which recently launched its utility token XPLL that is now available for pre-sales.
What is the ParallelChain™ Blockchain?
ParallelChain™ is the core technology of Digital Transaction, a Hong Kong-based blockchain start-up founded in 2018 by Ian Huang. ParallelChain™ was built from the ground up by a group of experienced computer networking, cybersecurity, and computer design technologists and innovators from institutions like MIT, Stanford, Harvard, Carnegie Mellon and Dartmouth College. Therefore, one can imagine the amount of potential this blockchain technology holds.
ParallelChain™ is a high-performing blockchain platform that can perform at a speed of 100,000 transactions per second, and if we compare, it is at least 20 times faster than similar platforms on the market. The technology has unique features like unlimited scalability, tamper-proof records, no-data-leakage, provable immutability, and online transaction processing with an almost immediate update within 0.003 second. It also supports a seamless migration from Ethereum and Hyperledger applications. And all of these make it a perfect package for multiparty transactional networks. .
ParallelChain™ is coached for commercial and transactional applications. This includes banking, FinTech, insurance, and healthcare. This means ParallelChain™ can be used to manage assets, process and settle trades, and make instant cross-border payments. And given the amount of priority this blockchain gives to security, this can be your all-in-one blockchain platform.
ParallelChain™ holds a lot of advantages that help various infrastructures and sectors. If we talk about efficiency, then it is quite well organized and has privacy-protected data validation through a unique Proof-of-Immutability (PoIM) algorithm, which is defined by not needing consensus nor mining at the time of record writing. This is the reason it should often come as a priority over other mainstream blockchain platforms like Binance Chain and Ethereum. Even though Ethereum is regarded as the best DeFi blockchain platform today, the fees are often considered to be too high given the speed at which the transactions are made. ParallelChain™ overcomes this limitation. It offers speed along with the lowest total cost of ownership, and these come with the maximum protection and least risk of hacking.
Key Features of ParallelChain™
ParallelChain™ works on various levels — the public mode, personal mode, and enterprise mode. In the public mode, it facilitates cross-platform transactions and consists of a parallel design that overcomes cross-chain vulnerabilities, which includes hacks and the difficulty to keep up with the state of heterogeneous blockchains.
On the personal level, biometrics, crypto assets, and transaction records are kept secured and private on the blockchain
In the enterprise model, it is a trustworthy B2B collaboration where information is effectively shared among participants while maintaining protection against data leaks.
Look at the key features below to have a vivid idea about ParallelChain™:
The unique algorithm underpinning ParallelChain™ that requires no consensus and guarantees no mining or forking. Trust can only be earned and maintained when immutability is continuously proven, and ParallelChain™ allows participants to repeatedly and randomly verify the immutability of blocks without compromising the privacy of data owners.
ParallelChain™’s throughput of over 100,000 TPS and real-time latency of less than 0.003 second mean it has the bandwidth needed to power any internet and native applications. ,The network can also grow to any size with zero compromise in speed and security.
• Duplicate entry prevention
ParallelChain™ is designed in a way that disallows every duplicate entry of data. Therefore, problems such as double-spending and double-counting, are solved automatically. Double-entry refers to the incidence of an individual spending a balance of that cryptocurrency more than once. This effectively creates a disparity between the spending record and the amount of that cryptocurrency available, as well as the way that it is distributed.
ParallelChain™ allows seamless migration from Ethereum and Hyperledger applications. This adds a lot given that Ethereum is the world’s second-largest cryptocurrency by market capitalization and the platform on which most decentralized applications are built on.
ParallelChain™ is one of very few blockchains that comply with the EU’s GDPR and other international data protection laws. It allows data to be deleted, allowing for the removal of time-sensitive data or unlawful content. It also takes special care of data-tampering by not allowing individual endorsers to alter persisted records without notifying all parties.
XPLL utility token is now on pre-sale
Digital Transaction has recently announced the launch of its utility token XPLL. The XPLL is open for pre-sale now through a SAFT agreement and is going to be available on exchanges in 2021.
The XPLL token can be called a gateway to exploit Digital Transaction’s unique and advanced blockchain technology. If you want to maximize your business potential and unlock the digital future for your own benefits, then XPLL is a good answer. XPLL is issued as a fungible ERC-20 token and can be held in conventional ERC-20 compatible wallets, and Digital Transaction’s own ParallelWallet is one of them.
Recently, ParallelChain™ has been selected by global FinTech company Paywiser to power its KYC verification, card issuance onboarding service and other business operations.
Louie Ho, Paywiser’s Chief Operating Officer in Asia, said, “ParallelChain™ matches our vision and commitment of reducing onboarding risks while leveraging blockchain products in delivering the most optimal, efficient, and user-friendly financial solutions to our valued customers.”
To sum it up, ParallelChain™’s blockchain is the first truly ‘business-native’ blockchain ready to face today’s real-world applications and drive digital transformation. If you want to know more about this unique blockchain and its applications, visit their website and pre-purchase XPLL utility tokens before they’re listed on exchanges.